Wednesday January 2, 2013
posted by KNB
Tags: Deposit Information
NOTICE OF CHANGES IN FDIC INSURANCE COVERAGE
NOTICE: By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
OTHER FDIC INSURANCE COVERAGE INFORMATION
Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act permanently increased the standard maximum deposit insurance amount (SMDIA) from $100,000 to $250,000. This permanent increase in the SMDIA became effective July 22, 2010.
For further information on the coverage amounts please visit www.fdic.gov.
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